USD 21.40 billion
Healthcare Analytics Market Size, Share, Growth Analysis, By Type (Descriptive Analytics, Predictive Analytics, Prescriptive Analytics, Cognitive Analytics), By Application (Clinical Analytics (Quality Improvement & Clinical Benchmarking, Clinical Decision Support, Reporting & Compliance, Comparative Analytics/Effectiveness), By Component (Services (Support Services, Business Analytics Services), Hardware, and Software), By Deployment Model (On-premises, On-demand), By End User (Payers (Private Insurance Companies, Government Agencies, Employers & Private Exchanges), Providers (Hospitals), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG35D2155 |
Region:
Global |
Published Date: September, 2024
Pages:
157
|Tables:
63
|Figures:
75
Healthcare Analytics Market Insights
Healthcare Analytics Market size was valued at USD 34.2 Billion in 2023 and is poised to grow from USD 42.96 Billion in 2024 to USD 266.65 Billion by 2032, growing at a CAGR of 25.6% during the forecast period (2025-2032).
Growing penetration of digital technologies in the healthcare industry and increasing volume of healthcare data are projected to bolster the demand for healthcare analytics over the coming years. Rising adoption of electronic health records around the world is also expected to create new opportunities for healthcare analytics companies in the future. Growing popularity of personalized medicine and rising realization of patient data information are also expected to bolster healthcare analytics market growth going forward. High investments in healthcare cost reduction around the world and advancements in analytics technologies are also estimated to promote the demand for healthcare analytics in the long run. Surging demand and popularity of value-based care models around the world are also predicted to offer lucrative opportunities for healthcare analytics providers across the study period and beyond. However, complexity in data integration, data security and privacy concerns, and high costs of implementation are slated to impede healthcare analytics demand in the long run.
US Healthcare Analytics Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024–2031
Global Market Size
Largest Segment
Descriptive Analysis
Fastest Growth
Descriptive Analysis
Growth Rate
25.8% CAGR
Global Healthcare Analytics Market ($ Bn)
Country Share for North America Region (%)
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Healthcare Analytics Market Segmental Analysis
Global Healthcare Analytics Market is segmented by Type, Application, Component, Deployment Model, End User, and region. Based on Type, the market is segmented into Descriptive Analytics, Predictive Analytics, Prescriptive Analytics, Cognitive Analytics. Based on Application, the market is segmented into Clinical Analytics (Quality Improvement & Clinical Benchmarking, Clinical Decision Support, Reporting & Compliance, Comparative Analytics/Effectiveness, Precision Health, Medical Imaging Analytics), Financial Analytics (Claims Processing, Revenue Cycle Management, Payment Integrity & Fraud, Waste, And Abuse (Fwa), Risk Adjustment & Assessment), Operational & Administrative Analytics (Supply Chain Analytics, Workforce Analytics, Strategic Analytics), and Population Health Analytics. Based on Component, the market is segmented into Services (Support Services, Business Analytics Services), Hardware, and Software. Based on Deployment Model, the market is segmented into On-premise, On-demand. Based on End User, the market is segmented into Payers (Private Insurance Companies, Government Agencies, Employers & Private Exchanges), Providers (Hospitals, Physician Practices and Idns, Post-Acute Care Organizations, Ambulatory Settings), and ACOs, HIEs, MCOs and TPAs. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Healthcare Analytics Market Analysis by Component
Software is projected to account for the largest global healthcare analytics market share. Software plays a crucial role in delivering analytics and handling all operations ranging from data collection, processing, and analyzing. Growing investments in the development of advanced healthcare analytics software with better capabilities and features and integration of advanced technologies will help this segment maintain its dominance.
On the other hand, the demand for healthcare analytics services is slated to increase at an impressive pace over the coming years. Growing requirements on maintenance, support, and deployment services for healthcare analytics around the world will help offer new business in this segment. Rising popularity of outsourcing in the healthcare industry will also create new opportunities for healthcare analytics companies in this segment going forward.
Healthcare Analytics Market Analysis by Deployment
On-premises healthcare analytics solutions currently account for a high market share but are expected to lose their market share over the coming years. Greater control over data security and flexibility are key benefits that help on-premises healthcare analytics dominate the global market. However, this type of deployment is quite expensive and requires a lot of human resources to run efficiently, which is why its only popular in large healthcare organizations with high spending potential.
On-demand healthcare analytics are projected to witness a rapid hike in demand and popularity in the future. Increasing availability of analytics solutions and services with a pay-as-you-go and subscription-based payment model is estimated to help boost revenue generation from this segment over the coming years. Rising use of cloud platforms and advancements in cloud technologies are also contributing to the rapid growth of this segment.
Global Healthcare Analytics Market By Deployment
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Healthcare Analytics Market Regional Insights
North America is projected to account for a dominant the global healthcare analytics market share. Quick adoption of advanced technologies to enhance healthcare delivery in this region will help it maintain its high market share. The United States is estimated to be the top market for healthcare analytics companies operating in this region. High investments of healthcare institutions in enhancing operational efficiency and cost reduction are also promoting the adoption of healthcare analytics in this region.
The Asia Pacific region is projected to emerge as the most opportune market for healthcare analytics companies around the world. China, Japan, and India are slated to be top markets for healthcare analytics companies looking to make a mark in this region going forward. Increasing use of digital technologies in healthcare and rising awareness regarding benefits of healthcare analytics are expected to create new opportunities for market growth. Growing rates of hospitalization, increasing burden on healthcare infrastructure, and rising realization of healthcare data importance are other factors that could create new opportunities for healthcare analytics companies going forward.
Global Healthcare Analytics Market By Region
- Largest
- Fastest
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Healthcare Analytics Market Dynamics
Healthcare Analytics Market Drivers
Use of Electronic Health Records
- Growing use of electronic health records around the world has resulted in a rapidly increasing volume of healthcare data. Investments of healthcare companies to utilize and generate valuable insights out of this data to enhance business operations will bolster the demand for healthcare analytics over the coming years.
Rising Volume of Healthcare Data
- The amount of data generated by the healthcare industry is increasing rapidly owing to growing digitization. Emphasis of healthcare organizations on making most of this massive volume of data and their efforts to maximize its utilization are also creating new business opportunities for healthcare analytics providers.
Healthcare Analytics Market Restraints
High Costs of Implementation and Maintenance
- Implementing healthcare analytics solutions and systems is an expensive feat as it requires substantial capital and human resources. Not all healthcare companies can afford to spend such amounts, thereby limiting healthcare analytics market development potential.
Data Privacy and Security Concerns
- Healthcare data is highly sensitive and subject to multiple regulations. This makes it hard to use this data for analytics as it could possibly breach patient data privacy and even fall into the wrong hands. Debatable security of healthcare analytics solutions will also play a crucial role in limiting healthcare analytics market growth going forward.
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Healthcare Analytics Market Competitive Landscape
Developing affordable healthcare analytics solutions and systems to realize the full potential of the market will be crucial for all companies. Integrating advanced technologies to offer automation and enhance healthcare business will also create new opportunities for healthcare analytics market players. Ensuring data privacy and security will also be a top priority for most healthcare analytics companies.
Healthcare Analytics Market Top Player’s Company Profiles
- IBM
- SAS Institute Inc.
- Optum, Inc.
- Allscripts Healthcare, LLC
- CitiusTech Inc.
- Health Catalyst
- CVS Health
- McKesson Corporation
- MedeAnalytics, Inc.
- Oracle
- EXLService Holdings, Inc.
- Wipro
- Enlitic, Inc.
- Komodo Health, Inc.
- HealthEC, LLC
- Sema4 OpCo, Inc.
- Evidation Health, Inc.
- Insilico Medicine
- Exscientia
- Aetion, Inc.
- Premier
Healthcare Analytics Market Recent Developments
- For improved healthcare management RXNT announced the launch of new reporting analytics tools in March 2024. The renowned healthcare software technology company integrated these new tools with the company’s Clinical and Practice Management software systems.
- Health Catalyst, Inc., a leading name in the healthcare analytics business, launched Health Catalyst Ignite® in May 2024. The new data and analytics ecosystem is equipped with latest technologies and specially designed for the healthcare industry use.
- In March 2024, Apixio Health Data Nexus™ was launched by Apixio, a leading name in the healthcare data space. The new solution was intended to change the way data was handled, analyzed, and integrated in the healthcare industry. The solution also addressed the current challenges of data access and fragmentation that are prevalent across the industry.
Healthcare Analytics Key Market Trends
Use of AI Technology:
- Integration of artificial intelligence can help healthcare analytics companies offer more value to their users by identifying unique patterns and even providing the scope of automation as well. Use of this technology could take healthcare analytics to the next level, and this is why it will be crucial for all companies to target this trend in the future.
Development of Personalized Medicine:
- Demand for personalized medicine is surging around the world and use of healthcare analytics could help in the same. Healthcare analytics solutions can be used by medical professionals to quickly analyze patient data and suggest personalized medicine based on those insights. Moreover, healthcare analytics can also play a crucial role in healthcare analytics development as well.
Healthcare Analytics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing emphasis on healthcare cost reduction and rising use of electronic health records are projected to drive healthcare analytics market development. However, data privacy concerns and high costs of implementation are slated to slow down healthcare analytics demand in the future. North America is projected to spearhead healthcare analytics demand across the study period owing to rapid adoption of advanced technologies in this region. Use of artificial intelligence will be an unmissable trend for all healthcare analytics companies involved in this market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 27.3 billion |
| Market size value in 2031 | USD 212.3 billion |
| Growth Rate | 25.6% |
| Base year | 2023 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Healthcare Analytics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Healthcare Analytics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Healthcare Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Healthcare Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Healthcare Analytics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Healthcare Analytics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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